The Hindu Business Line : Fi-Tek to scale up manpower at Kolkata facility in 18 months

HAVING successfully sold its hedge funds and banking products in the US financial services market over the last few years, Fi-Tek Pvt Ltd has announced plans to augment the manpower strength at its Kolkata development facility by about 200 heads within the next 12-18 months.

Of this, 15-20 per cent of the people would be based in the US for support services, while the balance would be engaged at the company's production facility here for research and development of products. At present, the company employs around 70 people.

Fi-Tek Pvt Ltd is a 50:50 joint venture of Mr Purnendu Chatterjee of The Chatterjee Group, and Mr Subir Chatterjee, a US-based technocrat-entrepreneur. In the US, Fi-Tek has its offices in New Jersey, Washington DC, New York and Los Angeles, according to Mr Subir Chatterjee, CEO of Fi-Tek.

Addressing a news conference here on Thursday , Mr Chatterjee said that Fi-Tek has developed eight products in the wealth management segment of the US financial services market. These are primarily used by hedge funds and for investment management and financial planning operations.

The news conference had been convened by West Bengal's Department of Information Technology and was presided over by Dr G.D. Gautama, Principal Secretary of the Department, who sought to showcase the achievements of small, Kolkata-based IT companies such as Fi-Tek.

Mr Chatterjee said the business focus now was two-pronged. First, to ensure better market penetration, the company would initiate a "major push in marketing" in the US. Already, the company has over 130 clients in the US that use its products. They include banks, accounting firms, administrators and hedge funds. Besides, a network of banks uses Fi-Tek's accounting engine to manage its investment management operations and run the back-office operations.

As per the second part of the business strategy, steps would be taken to offer full-fledged and product-based business process outsourcing (BPO) services.

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